Note: I originally wrote this piece in February 2022, and obviously a lot has occurred since then in terms of market activity. I think many of the factors mentioned here are pertinent ones for how the unwind has happened, and some possible avenues to help move Web3 forward. Please reach out with any feedback @0xOpiner on Twitter or in comments below.
It seems impossible these days not to hear about “Web3” and the movement’s promises. But exactly what the underpinning technology is, what it can enable, and associated risks seem poorly understood. Simply put, Web3 means an internet built on principles of relative decentralization, and which utilize token-based economies to operate and manage incentives. Web3 technologies generally rely on blockchains –a list of publicly-accessible digital records linked together with cryptography and added onto with a consensus system. Web3 stands in contrast to “Web2,” which is characterized by for-profit software and internet companies that control a proprietary (“closed-source”) database, which is used as the foundation of their monetization models.
Web3 proponents claim the technology can enable new levels of economic freedoms, individual sovereignty, and transformations across an array of sectors like financial services, law, technology, art and more. Detractors point to cybercrime, a single Web3 asset emitting as much carbon as a small country, rampant speculation, and asymmetric financial returns for those “in the circle.” In reality a blockchain is just a general-purpose technology, whose’ initial adoption related to enabling purely digital monies — which are hard to value, hard to regulate, therefore prone to speculation, had an array of early adopters much like other technologies, and which are not fully mature yet in terms of features nor security.
While more scaled use cases around money and payments are in early adoption, additional experimentation around other applications is only just beginning, as is the deployment of more efficient underlying infrastructure from a scalability, security, and carbon perspective. We are still quite early and require a great deal of infrastructure to be built to scale Web3 technology to hundreds of millions of active users — but the underlying development pace is undoubtedly increasing towards that goal. Here we explore the history of the space, the unique properties of the underlying technology, some of the more interesting non-speculative experimentation in Web3, remaining issues to be solved, and how the movement might become a sustainable and lasting one.
Where Are We?
The first true Web3 use case were digital currencies like Bitcoin in 2009, though the underlying advancements that underpin them in computer science, cryptography, game theory and economics have significantly longer histories. Ever since, holders of these currencies and the number of currencies have exploded — Coinbase, one of the most popular currency exchanges, now has 73 million verified users. The overall Web3 ecosystem includes over ten thousand tokens, with the top five occupying 70% of market cap — Bitcoin, Ethereum, BNB (Binance’s token, once of the largest global P2P exchanges), Tether and USDC (these last two being custodied, digital representations of US dollars). Most users access these currencies via P2P exchanges or centralized exchanges like Coinbase. Once procured, retail users and institutions can transfer funds to other entities with a hardware or internet-connected “wallet”, save in them, invest/speculate in them, or pay in them. Bitcoin and Ethereum share “store of value” properties by virtue of having non-inflationary supplies (though Ethereum also has a dual role as a “compute” commodity as well), and USDC and Tether are used as “stablecoins” to park assets in relative to more volatile ones.
The exact, dominant use cases around Web3 money differ by geography, and also by retail vs. institutional use. Adjusted for purchase price parity per capita, emerging markets are strong users of the mentioned currencies and others. A few of these countries are experiencing double-digit inflation or higher, and most rank fairly low in terms of general economic development. In these areas, the value proposition around using cryptocurrencies relate to cost-of-transfer, bypassing regulatory structures or capital controls, and accessing investment alternatives which may hold value better than a native fiat currency might, or for speculation. Chainalysis has also found that 5.5% of global value (~$200Bn) sent in Web3 currencies in a year period is “retail-sized” and may correspond to individual activity, was up nearly a magnitude year-over-year, and makes up the vast majority of all transactions. Within this retail activity, a quickly growing use case is remittances, but these still likely represent less than 1% of the ~$700Bn transferred in that market yearly. Mexican exchange Bits estimates that it processes 2% of remittances from the US to Mexico, for reference. Coinbase only recently released a remittance-focused product, which emphasized creating a network of locations to cash out to local currencies.
Since holding and transferring “digital money” took off, a number of other use cases have emerged which are also scripted on top of blockchains. If we evaluate the “economy” of the Ethereum blockchain as an example, we see most usage in areas related to on-chain financial services, gaming (and its more involved cousin, the “metaverse”), and non-fungible tokens (“NFTs”, which are just a file format representing digital scarcity). The first to take off among these were on-chain financial applications (“DeFi”), whose daily user count is likely in the low millions. The most used products within DeFi are decentralized exchanges, money markets (effectively on-chain banks), the services supporting stablecoins, and derivatives protocols.
The user base for these services differs in relation to those that just use Web3 currencies for the “money and transfer” use case. Transactions sizes are significantly higher, and users in more affluent countries are represented. There are a number of factors that explain the difference; firstly, the level of sophistication needed to access and use these services is higher. Secondly, until fairly recently the financial cost of taking actions on chain (paying “gas fees”) have been volatile and have generally increased to considerable levels. Third, the dominant mechanics for taking out a loan in DeFi money markets requires overcollateralization, selecting for audiences which can afford to do that. Fourth, these systems generally act as rails for fairly volatile Web3 currencies and tokens, as opposed to digital representations of traditional assets like stocks, real estate, bonds, and most types of government-approved fiat currencies. The net result is that DeFi markets are driven by sophisticated market participants (digital-natives and funds) which use these services to access the l0ng-tail of digital currencies for investment/speculation, acquire leverage, as well as harvest financial yield being offered by various protocols as incentives for using their products or holding their tokens.
Digital entertainment has also taken off. Today, users can play blockchain-based gaming (the most popular game — Axie Infinity — has over 8 million lifetime players), purchase NFTs (Opensea has over 1 million lifetime users), among other emerging use cases that build off of the idea of token-based financial value and digital scarcity. In fact, newer cohorts of users might be onboarded for the first time into Web3 via these use cases vs. prior paths into the ecosystem. 25% of Axie players never had a bank account let alone used Web3 currencies. Also noteworthy about Axie is that it uses its allocation of token incentives (effectively sales and marketing budget) to supplement pay in a number of emerging markets like the Philippines. NFTs themselves — which power much of digital entrainment in the ecosystem — can be used for multiple purposes in principle; but the dominant use case today relates to purchasing scarce digital art or media avatars. What is generally stored on the blockchains for these NFTS are unique signatures which can help track ownership history. In some sense, the “metaverse” use cases is a synthesis of NFT use as digital identity on the web, social media, elements of gaming, as well as a financial economy that can (but does not need to be) fueled by Web3 tokens. As the underlying components get developed and integrated the movement will likely grow stronger use. Overall, the past five years have seen explosive activity of multiple types and the numbers can’t be ignored.
The developer base serving users across all these use cases is also growing; there are now nearly 20K monthly active developers in Web3, and the number may only increase as new joiners enter from traditional tech. Still, the absolute amount is tiny compared to the traditional global developer base. That said, the open-source nature of Web3 gives it considerable leverage — the largest decentralized token exchange, Uniswap, only has around 50 employees at time of writing. The most popular protocols generate considerable revenues relative to staff, especially when compared to traditional financial services.
Blockchain Properties to Experiment With
It is also worth asking what blockchain-based technology can specifically and uniquely enable in terms of design space, and how those properties are being experimented with outside of pure speculatory use cases. I think the following properties underpin the fervent experimentation in Web3 today:
- Permissionless Access: Projects can be launched and accessed globally so long as there is an internet connection or perhaps a VPN. Borders have not been strong constraints on product creation, governance, or usage.
- Decentralized “State” Consensus: A network of geographically dispersed computers are responsible for storing and adding transactions to a given blockchain. Though less computationally efficient than a centralized database, this architecture (1) may be preferable to those that don’t want to use infrastructure tied to a single nation-state or company, which might be more costly or prone to censorship (2) can create credible “digital scarcity” which is recognized across the respective network. The exact number of computers required in the network is tied the degree of trust acceptable in the use cases a blockchain supports. At least to date, the computers in the most tenured networks also have a propensity to aggregate and pool resources over time for mutual benefit. In general, the cost of being a validating computer has gone up over time, benefiting those with hardware economies of scale, cheap electricity, and those that can trade up profits based on the transaction data pool they have access to.
- Transparent Transaction Log: Any given blockchain is downloadable, accessible — and with the right skills — interpretable. Applications can pull from this open data set for whatever use. Transactions submitted to this open log tend to be final, with limited redacting and erasure functionality live today.
- Use of Cryptography: Public-private key cryptography is used to keep user addresses private even though their transaction log is generally public. “Zero-knowledge” cryptography is also being experimented with to “prove” that addresses have a certain property, took a certain action, or hold certain balances — without revealing the underlying transaction data. Broad deployment of this technology is likely some time away.
- Composability: Applications built on top of a given blockchain can be integrated into each other and enable data and financial value to pass between them more easily. This model differs from traditional software and internet, where “closed source” product companies might put up “walled gardens” around the data they control, or otherwise rely on more limited business development or contracts to enable such fluidity.
- Uptime and System Liveness: Blockchains and the applications they support are always live, and don’t have pre-set clearance periods or suspended operations on weekends.
Where Is The Productive Experimentation Occurring?
A global group of up-starts are attempting to use these properties to explore novel applications with and outside of digital money. There are thousands of projects, and a sampling of them can be found here. What is noteworthy is that a number of these use cases are not purely about user anonymity, but also relate to better, faster and cheaper services, digital scarcity, and the “neutrality” these systems offer. The following are illustrative areas which offer less speculative use cases.
- Accessible and Automated Financial Services: Though digital money and related payments were the earliest application, these are arguably still works in progress. There are circumstances where Web3 transfers are cheaper than alternative methods, especially above a certain threshold of transfer size because “gas” fees don’t scale with transaction size (despite their volatility related to network congestion). New middleware that is already in early uptake can take current transactions costs by 1–2 orders of magnitude, and take the form of the Bitcoin lightning network, Ethereum-based “Layer 2s,” and dedicated, high-throughput blockchains. Other experiments are re-imaging: the best onboarding and offboarding points for digital currencies (including using wallets as general bank accounts), the integration of currencies into international payroll, micropayments, internet-based “jobs” themselves paid in digital currencies, access to previously illiquid assets, fractionalization of financial assets like shares or real estate, and so on.
- Efficient Capital Markets: The properties of a blockchain can also be applied to general financial markets. Assuming soundness of the blockchain which powers it, a Web3-enabled financial system may offer collapsed administrative costs, reduced cost of collateral and transfers, reduced cost of capital by expanding market liquidity to a global scale, and have much stronger monitoring capabilities around counterparty risk, leverage, and criminal investigation. We are early in exploring any of these benefits — the first mainstream digital bond was issued on the Ethereum blockchain in August. Banks are also experimenting with more permissioned products like forex settlement networks and permissioned pools on Defib products. Experimentation is also occurring around porting real world assets as collateral to support financial transactions on-chain.
- Public Goods Funding: Web3 can be used to fund public goods projects, where there was no clear way nor the agency to do so in the past. One of the most prominent examples is Gitcoin, which can open-source software development via grants, tips, and other mechanisms. Experimentation is also occurring with non-profit R&D and academic publishing as well; the related movement emerging around the sciences, DeSci, attempts to alter incentive structures, transparency, and degrees of financialization.
- Digital Organizations (or DAOS): In one of the largest scale “natural experiments” in governance, Web3 has enabled cross-border, digitally-native communities to aggregate and allocate capital, govern, and otherwise execute complex tasks in a transparent way. There are already four thousand of these with a small minority of larger, active governance groups. These groups have needed to adapt their own systems around voting, governance history, treasury management and other functions to handle their responsibilities and prop up participation rates.
- Creator Economy Monetization: Web3’s enablement of scarce digital goods can be utilized to support income generation for a long-tail of independent artists and creators — with the potential for ongoing royalties. Creators — as well as traditional businesses of any size — can also monetize across Web3-enabled gaming, digital content, social media, or all three as they converge towards a “metaverse.”
- Improved Internet-Based Identity: Web3’s digital wallet-based user experience might become the basis for bank accounts, credentials, cross-border credit scores, authentication, and certain types of reputation across the internet. Tens of millions of people are already using these to store their tokens, which may re-wire user behavior and product expectations.
- Novel Incentive Models (For the Real World And The Digital One): Token-based economies can incentivize organizations with trust constraints to coordinate by offering the financial value and “neutral” rails to do so — an example being data sharing and aggregation; the Energy Web Foundation enables such coordination for a network of over 100 energy market participants. Token use can also enable user loyalty and engagement, by offering a share of that service’s economic upside. An early example of the latter is Helium, a quickly growing, token-incentivized system for purchasing and maintaining internet access hotspots. Incentivized by its token NFT, Helium was able to create the largest LoRa-WAN IoT device network in the US.
The Open Issues
While parts of the vision and some early evidence is promising, Web3 systems are still quite young and fragile. Promising experimentation is occurring in the backdrop of aforementioned speculation, and amidst incomplete feature sets and security. We must ask the question of when systems will be ready for mass use globally and concurrently. There are a number of areas where problems are yet to be solved:
- Blockchain Carbon Emissions: Bitcoin — which occupies nearly 40% of cryptocurrency market cap — is powered on Proof-of-Work (POW), which effectively means its network security is underpinned by electricity output and related capex. It power use now measures equivalent to a small nation. Perhaps a fairer way to consider its emissions is relative to other industries — at 220 TwH it represents 14 bps of total global energy use and is akin to holiday lights or computer games. Proponents for Bitcoin argue that the use case is worth the emissions, by enabling globally recognized, accessible, fractionalizable property. Moreover, they claim that Bitcoin is efficient in the use case it serves — being fueled by “>60% renewable energy sources,” that Bitcoin mining can experience increased chip efficiencies, that Bitcoin mines can be used in the context of demand response and incentivizing renewables Capex, and other arguments. There might be merit to some of these claims, but they would be easier to accept if it were clearer that Bitcoin (1) could replace parts of the existing financial system, which emits significantly more carbon than Web3 collectively does, and (2) distributes ownership to more and more people across geographies and wealth levels, thus fulfilling the promise of its store-of-value use case. The shift in ownership has been slow and steady over the past thirteen years or so, but entrance of institutional investors may impact the trends. Finally, data on miner renewables mix is voluntarily reported leading to possible data quality issues. There is no formal certification process that would clarify the situation. The threat is that some of these “renewables’ are really conversions of “wasted” energy from fossil fuel sources.
- Outside of Bitcoin and the current version of Ethereum (which is transitioning off POW with a couple-year delay), the vast majority of new on-chain services are being developed on alternative consensus mechanisms such as Proof-of-Stake — where financial value at-risk secures the network instead of electricity use. Indeed, the majority of on-chain transactions occur on alternative consensus mechanisms, these systems house nearly half of dollar-value assets locked in DeFi, and user counts are growing as we speak. These likely consume considerably less energy, but are younger architectures that have a different series of risk to manage — namely related to “block producer” centralization over time and novel security risks such as delegate bribing. I expect POS and POW to persist alongside each other despite the growing popularity of POS, due to the growing network effects associated with Bitcoin as well as its longest-standing history.
- Relative Scalability: These alternative consensus mechanisms are being developed primarily to increase the transaction throughput of a blockchain, which would translate to lower absolute transaction fees. But these mechanisms also very young with a limited history of mass-market use and (again) novel security issues to deal with. Interestingly, a number of newer blockchains and layers of middleware on top of existing blockchains share certain attributes with Ethereum’s long term architecture to enable secure scalability; namely the use of “sub-“ databases called shards, increased use of cryptography to lower data computing and storage needs, and the concept of “rolling up” transactions back to a “master” chain for data availability. Though a common path forward is becoming clearer for secure POS, there is a lot of additional R&D on these individual elements to make secure, decentralized scalability a reality.
- Tail Risk In Game Theory: Game theory is a major part of Web3 system design. Indeed, designing financial incentives for network participants is one of the main levers of overall blockchain security; despite notable levels of concentration that have occurred in Bitcoin and Ethereum POW mining pools, no major attacks have been observed by them to date. Likely reasons include transparency of these systems, the cost of stealing or faking value being greater than the potential gains, and the ability to invalidate offending parties via “forking” or migrating the network with new consensus rules. That said, the long-term economic models for these more battle-tested blockchains are shifting; Ethereum to POS, and eventually Bitcoin to a system where miners are primarily paid on variable transaction fees. Major debate has occurred on how these shifts can impact the security model of the protocols and create tail risks — what if a non-economically rational actor (like a top-3 nation state) takes up the majority of the consensus power?
- Though risks may be mitigatable via network migration and perhaps insurance/hedging products they will likely always remain. The importance of incentive model considerations cascades all the way down to individual applications built on top of these blockchains, which must manage their token supplies to incentive given actions from investors, users, developers and other stakeholders; indeed, these protocols act as their own “Federal Reserve” in some sense.
- More General Cybersecurity Problems: Ransomware, phishing, smart contract bugs, and scams are not uncommon in Web3; however, while the dollar scale of crime is increasing, the % of total activity is decreasing over time. Perhaps more important in the long run are tail-risks in these systems that do not bear out in the numbers — centralized points of failure, which threatened nation states and corporations can use to block access to the on-chain Web3 ecosystem or strand assets there. Such points of failure exist in multiple places today, such as at the cloud storage level, in networking, and all the way down to consumers’ digital wallet, which are often connected to a hosted instance of a given blockchain’s ledger. These risks must be progressively ironed out, with consumer wallet services being a more immediate priority.
- Low Consumer Financial and Social Literacy: It takes an increasing amount of knowledge for users to become sophisticated, and there are limited guardrails or accessible education that address Web3 technology. Lack of such literacy leads to many of the active cybersecurity problems we are able to measure — fraud and theft, as well as improper allocation strategies given the nascency of the asset class. Lack of legal clarity, complex blockchain-native transaction types, and mentioned financial literacy issues also leads to unintended, rampant tax misreporting issues for normal retail investors.
- Data Rights and Privacy: Ironically, once a user’s public address gets mapped to their identity, blockchains are extremely transparent and can infringe on previously held notions of privacy — which can be abused by various organizations. Without cryptography to hide the data log, deanonymization and surveillance risks will persist. On the flipside, if all aspects of the blockchain are truly anonymized and not interpretable, crime might materially increase. The right balance has likely not been reached.
- Concentrated Gains: Historically, the returns in Web3 have been concentrated into the hands of few early adopters, hobbyists and first-round investors — and the networks they form over time. Legal systems that require high net-worth hurdles also make it difficult to access such startup investments to begin with.
- Over-Financialization: Web3 can create tokens tied to a number of different assets — from previously illiquid “shares” of a Monet painting, to a virtual sword in a video game, to protocol votes in a governance scheme which can be purchased on the open market. It is not always clear that financialization makes practical sense, or that it wouldn’t lead to mercenary behavior in Web3 token markets. Indeed, tying financialized tokens together in yield schemes or products can disguise chains of dependencies and perpetuate volatility.
- Volatility: Price volatility is the daily norm in Web3 token markets. To some degree this is natural because we are in the very early innings of a new industry, valuations are difficult to do, and on-chain assessment metrics are not standardized. But market manipulation is also a factor, as may be concentrated ownership (though concentration is decreasing to approximate “normal economies”),and more “short-termist” financial participants more generally. Volatility makes it difficult to pay, budget, and underwrite contracts in Web3 cryptocurrencies — and also puts a lot of economic importance on stablecoins in the Web3 economy, which still lack clear regulatory oversight and the majority of which are still centralized. These dynamics not only impact small retail holders, but also treasury management for the DAOs that build DeFi and most of the other protocols.
A Call To Build
- A shift towards a more sustainable Web3 ecosystem would mean builders making these systems more inclusive to mainstream users, more secure, and as carbon efficient as possible. There are already a number of clear opportunities to rectify some of the problems and enable worthy tinkering to continue. Traditional companies, protocols and regulatory authorities all have a part to play. Isee growth potential in the following areas:
- Certify and Monitor Proof-of-Work Networks: We must budget for “heterogeneity” in the different types of blockchains that get utilized — which rely on Proof-of-Work and alternatives. We will need to verify the renewables mix of Proof-of-Work mining operations, increase and standardize measurement, and pressure the remainder of the industry to “go green” instead of giving the fossil fuel industry a survival wish by converting old plants. It has also been apparent to date that private-sector miners are fairly rational economic agents — to the degree that clean energy becomes the cheapest form available (through technology advancement or regulatory intervention) there should be few impediments to industry adoption. We must also keep the market use case for “store of value” money an open competition where other competing architectures can be trialed as they mature.
- Empower Web3 Developers: We need an entirely new set of developer tools and norms to properly build blockchains, and the middleware and applications on top of them. Without additional buildout, blockchain-based technologies will not be able to service mainstream use and will ultimately remain niche. Areas for additional improvement abound. Embedding additional cryptography (such as zero-knowledge proofs) into on-chain contracts is not trivial. Neither is testing and simulating pieces of code before they “go live” with actual financial value. The patching process to fix “on-chain” problems is also very difficult at present. Bridging data and value across blockchains is also highly problematic and requires massive developer attention. We will also need an entirely new array of auditors and insurers to work with the industry with novel frameworks and risk models. Across all these areas and others, we will need a lot more technical talent working full-time; making it easier to onboard them, educate them about smart contracts and cryptography and coordinate their work is paramount.
- Build Robust Consumer Education and Improved Consumer Products: The user workflow, onboarding, support and education process is incomplete. Facing the consumer, we need consumer wallets, exchanges and other interfaces to embed accessible educational resources, additional security measures like two-factor authentication, high-quality support services, more thoughtful account recovery mechanisms, forms of on-chain reputation and credentialing systems, and more direct connections to public blockchains. Facing merchants, we will need additional uptake of cryptocurrency payments solutions, so financial value consumers accrue can actually be spent to buy basic essentials and other services where needed, especially in developing markets. Perhaps above all, general financial literacy products in market need to acknowledge and address the Web3 ecosystem and give a proper sense of how early the industry really is.
- Abstract and Embed Compliance Rails: We need to at least give consumers and the vendors that serve them the option of guardrails to stay on the right side of their respective jurisdiction. Tax engines, automated KYC/ML, and backlisting of fraudulent accounts are necessary to keep less sophisticated users out of trouble. All of these systems need to be re-invented to properly analyze and ingest on-chain data across different blockchains and wallets.
- Increase and Standardize Analysis of On-Chain Data: The only way for analysts to properly measure the risks of “over-financialization,” call out periods of speculation, and also point out more sustainably run projects are to make blockchain analysis more accessible. This will involve porting over traction, accounting, and financial health metrics from the traditional financial world, and also agreeing on new standards as the industry matures. We believe an entirely new crop of third-party information services and DAO software suites will cater to Web3. These can act as infrastructure for consumer financial literacy, insurance, and healthy regulation as well.
- Improve Value Distribution: We need to build mechanisms into protocols that pass economic value back to end-users, or harvest returns on their behalf. Relevant products here may be interest-bearing accounts paid out in token yields (without putting principal at significant risk), curated investment platforms that screen for scams and standardized research, and secure “staking” services which make protocols yields accessible to retail users. We must also ensure that Web3 services enabling supplemental income (such as Play-To-Earn games) remain fair, transparent and accessible. And finally, we much continue to experiment with the different ownership structures and vesting models for more newer protocols that launch, such that ownership and gains are more widely distributed.
- Diversify Applications and Audiences: I believe that digital entertainment and speculation are likely avenues to onboard users into crypto, but ultimately, think the technology can and should be applied to critical areas in financial inclusion, healthcare, energy and other areas too. While additional technology primitives are needed to scale use cases, we will also require diverse mindsets and teams to build products and experiences for the next 100M application users who have different standards in affordability and usage behavior. Only then will DeFi and other areas which currently exist and have promise to expand their user bases reliably.
I anticipate a shift in the way in which builders, users, and regulators perceive sustainability in Web3
As can be seen, there is a ton left to build despite staggering Web3 market cap growth. A vocal concern from the Web3 community involves regulatory clarity — how can mainstream developers join the movement without knowing the legality of their work, how do we treat the legal status of distributed digital organizations, how do we map tokens to commodities or securities, and should we limit access to digital currencies? These questions and others can be answered as more of the issues mentioned get resolved and non-speculative use cases take greater share. In any event, the industry is likely to have staying power due to an increase in vested interests — global institutions are increasingly deploying to Web3, nation states like Ukraine, El Salvador and others are overtly crypto-friendly, there are well known crypto safe havens elsewhere, consumer cultural awareness is only growing, and the global demand is already established for Web3-as-money at the very least. It is therefore our collective duty to funnel this general-purpose technology to productive use.
Today, sustainability in Web3 is first and foremost about educating and enabling participating consumers. In the backdrop, we must improve the backend architecture needed to support mass usage from a carbon, security, and maintainability perspective. And finally, we should promote the exploration of applications that directly make societies cleaner, safer and fairer than they are today to sit alongside the ones that are taking off now. The opportunities driven by blockchain-based technologies are likely substantial though ultimately difficult to fully predict so early on. Moreover, we cannot assume that the movement will manifest its full potential without the builders actually driving it in that direction. The next several years should be quite eventful ones in the world of Web3.
